There is one word in a fantasy owner’s vocabulary that can induce excitement and fear in the same breath. One word that can bring a ton of satisfaction, but also a ton of disappointment. That word is potential.

We hear it all the time. It’s the reason fantasy owners roll the dice and draft and stash players such as the Mets’ Zack Wheeler or the Rays’ Wil Myers. We take the risk and believe the potential of a highly touted player will translate on the field and bring long-term success in fantasy.

Unfortunately, not every player turns out to be a Bryce Harper or a Mike Trout. Sometimes they turn out like the Mariners’ Jesus Montero — a player who seems to have all the tools for success, but never seems to live up to the potential or expectations.

According to fantasypros.com — which compiles data from Yahoo, ESPN, CBS and MockDraftCentral.com — Montero had an average draft position of 147.5. There were just 10 catchers taken ahead of him. In some leagues, the 23-year-old was taken as a starting catcher. Only problem now is this: The Mariners no longer view him as a catcher and have sent him to Triple-A Tacoma, where he either will be the designated hitter or play first base.

When Montero was a highly touted prospect with the Yankees, the knock on him was always his defense. His defense seemed to get worse in Seattle, but, as fantasy owners, we don’t care about defense as long as the bat works, right? Well, Montero’s bat has been working about as well as his glove.

After the Yankees dealt Montero and Hector Noesi for Michael Pineda and Jose Campos last season, Montero hit a disappointing .260 with 15 homers and 62 RBIs. This year has been worse, even after the walls were brought in at Safeco Field. In 29 games, he was 21-for-101 (.208) with three home runs and nine RBIs. He also struck out 21 times.

What happened to the kid who hit .328 with four homers and 12 RBIs in 18 games (61 at-bats) with the Yankees in 2011?

What makes Montero’s demotion tougher to swallow is the following:

1. You can’t hold onto Montero in the hopes he returns to the majors with the Mariners as a first baseman or designated hitter. Seattle already has an abundance of options in both slots with Raul Ibanez, Kendrys Morales, Justin Smoak, Michael Morse and Jason Bay (that’s funny) filling those roles.

2. Slim pickings on the waiver wire.

Here’s a look at some potential options to replace Montero:

Wellington Castillo, Cubs: He doesn’t have power numbers (one homer), doesn’t drive in a ton of runs (eight RBIs), strikes out too much (38 times before last night) and never walks (twice in 133 at-bats). But he has 17 runs scored, has a .286 batting average, he’s an everyday player and he’s available in more than 90 percent of Yahoo and ESPN leagues.

Yasmani Grandal, Padres: Eligible to return Tuesday from his 50-game suspension for a positive performance-enhancing drug test. He hit .297 with eight homers and 36 RBIs in 60 games last year, and is available in 95 percent or more of all leagues.

Jason Castro, Astros: A streaky, everyday catcher who is putting together a serviceable season (.252, four HR, 12 RBIs).

Jarrod Saltalamacchia, Red Sox: The switch-hitting backstop is available in 90 percent of ESPN and 71 percent of Yahoo leagues. He’s also having a solid month (.294, two HR, five RBI, six BB).

Miguel Montero, D’backs: With a higher ADP than Jesus Montero (123.4), Arizona’s catcher has become one of the most dropped players this week. It’s hard to recommend someone hitting .189 (that’s like recommending picking up a hitchhiker using a machete instead of his thumb to try and hitch a ride), but if you have another solid catching option and are in a league where Jesus Montero has been dropped, he might be worth picking up in hopes he can turn it around.